New tenants have been found for 22 care homes formerly run by Lifestyle Care.
The homes, which went into administration in 2011, have been transferred to Maria Mallaband Group (10), Bondcare group (9) and Ultima Healthcare (3).
Bruce Walker of asset manager Layland Walker, who devised the letting of the properties, said: “This former LifeStyle Care portfolio has great prospects with the right long term tenant partners delivering high quality care.
“Taking the homes out of administration and interim management onto a secure long term basis, gives certainty to residents and staff as well as local authorities and NHS commissioners who have been supportive of the process.”
Knight Frank advised on the letting of the properties, which are part of the expanding portfolio of healthcare property assets owned by affiliates of Lone Star Funds.
The real estate portfolio comprises the former Quercus portfolio acquired in Oct 2016, the 22 homes from the former LifeStyle Care, and some newly acquired care homes. Overall this portfolio, managed by Layland Walker, comprises more than 110 care homes, let to some 15 different operators on a long term basis, who provide more than 5,500 beds in England, Scotland, and Wales.
Julian Evans, Head of Healthcare, Hotels and Leisure at Knight Frank, said: “We are delighted to have been involved in leasing of these key healthcare assets to excellent tenants on behalf of our client.
“This is the largest London care home portfolio to be leased in almost a decade and is a fantastic opportunity for the tenants. The care home leasing market is now at a record high.”